When first buying a home it’s hard to comprehend the sheer number of new expenses there are. There are mortgage payments, home insurance, property taxes, maintenance, water, sewer, electricity and gas, just to name a few.
When coming from a rental you may be blissfully unaware of all the new home expenses that you now need to budget for.
These extra expenses are tied directly to the size of your home. A larger home means larger expenses.
Before purchasing a new home consider all the expenses attached to your decision. Buying “just enough home” is a great way to save money. Buying “too much home” can cost thousands per year in extra expenses.
This is one of the main reasons my wife and I live with our two daughters in a small 1,000 sqft bungalow. Although we could afford a much larger home we chose to purchase something much smaller…